Two Australian financial services firms have engaged in a £550m bidding war for Old Mutual Global Investors (OMGI), the asset management arm of Old Mutual, according to reports.
Challenger and Macquarie Investment Management are two of a "small handful" of bidders for the £25bn stake in the asset management arm of the Anglo-South African financial services group, according to Sky News. Other names in the frame for the buyout of Old Mutual Global Investors (OMGI), led by CEO Richard Buxton, include TA Associates, which has previously invested in such household names as Jupiter Asset Management. According to Sky News, parent Old Mutual is expected to announce the details of the sale of its fund management unit before year-end, but it is unclear if another trade...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
